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Ally Bank: 9-Month High Yield Certificate of Deposit Account (CD) Expired

5% APY
(w/ No Minimum Deposits)
+38 Deal Score
62,520 Views
Ally is offering their Ally Bank: 9-Month High Yield Certificate of Deposit (CD) at a 5% Annual Percentage Yield on All Balance Tiers (No Minimum Deposit) when you open an account and deposit funds.

Thanks to community member MsGal for finding this deal

Note, ensure that you have select the '9-Month' term to receive your 5% annual percentage yield on your balance tiers/account
  • FDIC-Insured Deposited (allowed by law)
  • Flexibility/Security/Open Name of a Trust
  • No Monthly Maintenance Fees
  • Digital Banking Tools Anywhere/Anytime
  • No Minimum Deposit Required
  • 0.05% Loyalty Reward w/ New or Renew CD
  • Manage your CD Online
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Original Post

Written by
Edited July 30, 2023 at 03:34 PM by
Ally Bank [ally.com] is offering a 9 Month High Yield Certificate of Deposit at 5% APY with no minimum deposit.



About this deal:
No minimum deposit to open
Interest compounded daily
Deposits are insured by the FDIC up to the maximum allowed by law
Early withdrawal penalty applies
APY is fixed for the term of the CD and is subject to change upon renewal
Manage all aspects of your CD account online, including making early withdrawals, all without having to pick up the phone
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in Financial Tools & Services (4) ally - Bank Advertiser
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5% APY
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174 Comments

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Featured Comments

Or you can buy a short-term treasury ETF like SGOV instead, get 5.3% of yield, interest is exempt from state income tax, and way more liquid.
·
Do not do what this guy says. Get a financial advisor if you're considering it. Do not get you financial advice from SD. Good luck.
·
I've never had any issues. I've had a checking, savings, and invest account with them for 6 years now.
·

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Joined Jul 2007
L1: Learner
> bubble2 13 Posts
10 Reputation
RageForOrder
08-03-2023 at 08:25 AM.
08-03-2023 at 08:25 AM.
Quote from beowulf7 :
I recommend checking this Fidelity website every so often to see what the going rates are for CDs, T-bills, and bonds for various term lengths:
https://fixedincome.fidelity.com/.../FILanding

Compare to Vanguard brokered CDs, Treasuries and Bonds here:
https://personal.vanguard.com/us/FixedIncomeHome
Reply
Joined Apr 2013
L3: Novice
> bubble2 1,352 Posts
198 Reputation
jmhulet
08-03-2023 at 09:33 AM.
08-03-2023 at 09:33 AM.
If you have a brokerage account, you can just buy T-Bills that yield 5.3%. In additional to getting a higher interest rate, you can sell them at any time with no penalty if you need the money for some reason. Banks like Ally are just trying to play catch up because savvy investors are already taking money out of banks to do this. T-Bills are also exempt from state and local income tax which is a big benefit for people who live in states and cities with an income tax.
Reply
Joined Apr 2013
L3: Novice
> bubble2 1,352 Posts
198 Reputation
jmhulet
08-03-2023 at 09:35 AM.
08-03-2023 at 09:35 AM.
Quote from mykohsu :
It seems to be 4% right now?
No, definitely over 5%.
Reply
Joined Nov 2004
L7: Teacher
> bubble2 2,661 Posts
347 Reputation
Siwy12
08-03-2023 at 10:27 AM.
08-03-2023 at 10:27 AM.
Quote from PCTools :
Capped at $25K and a pain to liquidate.
No, there is no cap & super easy to liquidate - if you can decide if you want it to automatically roll over or be deposited back to your bank...
Reply
Joined Nov 2004
L7: Teacher
> bubble2 2,661 Posts
347 Reputation
Siwy12
08-03-2023 at 11:05 AM.
08-03-2023 at 11:05 AM.
FYI - results from last few tbill auctions:

https://home.treasury.gov/resourc...nth=202308

And before you ask - it's called an "inverted yield curve" (shorter durations paying higher interest) - historically a great indicator of recession and likely bear market in stocks...
Reply
Joined Nov 2008
L2: Beginner
> bubble2 198 Posts
260 Reputation
Pro
ncage1974
08-04-2023 at 07:17 AM.
08-04-2023 at 07:17 AM.
I think ally is excellent but I would not buy a 9 month cd for 5%. You can get $vusxx now for higher than 5% and your funds wouldn't be held up for 9 months & would be void from state taxes (partially ) in a lot of states. The only reason this makes sense is if you think interest rates are going to tank really soon & I don't
Reply
Joined Nov 2008
I'm a hugger...
> bubble2 748 Posts
118 Reputation
cheapchips
08-05-2023 at 03:17 AM.
08-05-2023 at 03:17 AM.
Quote from miked1136 :
They are higher I get 5.30 with Wealthfront
yeah, BUT maybe you should mention ONLY with referrals of other friends who sign up.
Which means a lot of extra stipulations, and YMMV.

Ally is 4.25, no strings attached.

apples vs oranges. Confused that 5.3 is bullsh1t
Reply

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Joined Aug 2014
L3: Novice
> bubble2 143 Posts
19 Reputation
silvermember
08-05-2023 at 08:55 AM.
08-05-2023 at 08:55 AM.
Quote from Siwy12 :
FYI - results from last few tbill auctions:

https://home.treasury.gov/resourc...nth=202308

And before you ask - it's called an "inverted yield curve" (shorter durations paying higher interest) - historically a great indicator of recession and likely bear market in stocks...
More like a lot of people are wishing that they will be a recession to force the fed the back off on its current path of increasing and maintaining the federal funds rate.
Reply
Joined Oct 2008
L7: Teacher
> bubble2 2,471 Posts
65 Reputation
NoSleep007
08-05-2023 at 04:10 PM.
08-05-2023 at 04:10 PM.
They need to raise rates for checking account to 1% apy
Reply
Joined Jul 2008
You can call me "Al"
> bubble2 18,308 Posts
38,677 Reputation
Original Poster
MsGal
08-06-2023 at 12:29 PM.
08-06-2023 at 12:29 PM.
Quote from cheapchips :
yeah, BUT maybe you should mention ONLY with referrals of other friends who sign up.
Which means a lot of extra stipulations, and YMMV.

Ally is 4.25, no strings attached.

apples vs oranges. Confused that 5.3 is bullsh1t
Good catch.
Reply
Joined Aug 2007
L5: Journeyman
> bubble2 766 Posts
677 Reputation
freek
08-06-2023 at 02:30 PM.
08-06-2023 at 02:30 PM.
Quote from NoSleep007 :
They need to raise rates for checking account to 1% apy
You can use their money market like a checking account except for bill pay. They are refunding the $10 excess txn fee
Reply
Joined Nov 2004
L7: Teacher
> bubble2 2,661 Posts
347 Reputation
Siwy12
08-07-2023 at 07:27 AM.
08-07-2023 at 07:27 AM.
Quote from silvermember :
More like a lot of people are wishing that they will be a recession to force the fed the back off on its current path of increasing and maintaining the federal funds rate.
if you look at historical charts - stock markets typically crash AFTER the Fed starts lowering rates back down... lowering rates is an admission that economy is in bad shape...
Reply
Joined Nov 2009
L1: Learner
> bubble2 16 Posts
10 Reputation
shoppingal322
08-07-2023 at 11:51 PM.
08-07-2023 at 11:51 PM.
Quote from NopeImPie :
I got 5% on a 3 month CD at a local credit union, no clue why this is a slick deal when it's most places with better terms

Which credit union?
Reply
Joined Nov 2006
L10: Grand Master
> bubble2 12,770 Posts
1,057 Reputation
poohbie
08-08-2023 at 12:48 AM.
08-08-2023 at 12:48 AM.
Quote from MsGal :
Their Money Market pays 4.40% and operates just like a savings account. I have never really understood what the difference is. Dontknow
You can write checks on the Money Market but not on the Savings. Their Online Savings have historically had higher rates than their Money Market, then it went to being identical for a long time. And just recently this year, the Money Market started paying more than the Online Savings. There is no point in using the Online Savings at this time.
Reply

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Joined Nov 2006
L10: Grand Master
> bubble2 12,770 Posts
1,057 Reputation
poohbie
08-08-2023 at 12:50 AM.
08-08-2023 at 12:50 AM.
Quote from 02nz :
Or you can buy a short-term treasury ETF like SGOV instead, get 5.3% of yield, interest is exempt from state income tax, and way more liquid.
Quote from dflores88 :
Do not do what this guy says. Get a financial advisor if you're considering it. Do not get you financial advice from SD. Good luck.
If you need a financial advisor to feel safe buying a treasury ETF, then you better learn more yourself anyways so that you don't get taken by a financial advisor purposely pushing you into high-commission funds.
Reply
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